Raiffeisen Touristik Group Thomas Cook

Sawiris owns 74 9 of raiffeisen touristik group which generates eur 3 5 billion in annual sales in germany according to the newspaper.

Raiffeisen touristik group thomas cook. The deal reportedly includes the transfer of hundreds of travel agencies to sawiris company. Raiffeisen touristik group majority owned by the egyptian billionaire samih sawiris has acquired the german franchise network of thomas cook handelsblatt reported. The news which was announced in a press release by orascom development egypt ode also revealed that hundreds of travel agencies in germany would be redirected under rt which already overlooks thomas. Billionaire business tycoon samih sawiris through his raiffeisen touristik rt group has acquired the german travel agency franchise system of thomas cook after the latter reported a major drop in sales and went bankrupt in late september invest gate reports.

Samih sawiris sawiris owns 74 9 of the raiffeisen touristik group which generates around 3 5bn in sales per year. The group includes otto brand reiseland thomas cook netherlands and 700. M a watch samih sawiris acquires thomas cook s german business. According to a news report by egypt independent sawiris acquired the franchise through his raiffeisen touristik group after the british company declared bankruptcy in september following a sharp drop in revenues.

Months after the liquidation of travel giant thomas cook raiffeisen touristik rt group owned by egyptian billionaire samih sawiris acquired the german subsidiary.